Poll: How Long Could You Live On Your Savings?
July 25th, 2008 | POSTED BY ROB
Earlier today I read a report by the Yorkshire Building Society suggests that the average person’s savings would last them 52 days if they lost their job. Monthly outgoings average £1,445 but on average we have £2,474 in accessible savings.
My initial reaction was, wow, that means the average person has an emergency fund of nearly 2 months worth of salary, which actually seems quite a lot - I’m jealous.
Of course, averages can hide the real figures, in this case somebody with thousands of pounds worth of savings who spends very little each month would skew the average. It seems to be born out by the fact that over a third of the respondents to the survey said they would run out of money within 11 days.
So here’s our latest poll: how long could you survive on your savings if you were to lose your job?
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If you have any more thoughts, feel free to leave them in the comments below.
photo credit: Unhindered by Talent
Categories: Featured
1 Comment on “Poll: How Long Could You Live On Your Savings?”
Tips For Coping With Redundancy / Money Watch, August 28th, 2008 at 10:41 pm
[...] an emergency fund - although this is a luxury for many, with over a third of people only able to last a maximum of 11 days until they ran out of money, if you can save a few months salary you’ll give yourself time to [...]
